The high-end real-estate market has seen steep price cuts in recent months as foreign buyers dry up, new tax laws bite the wealthiest states and sellers realize the market peak of 2014-2015 isn't coming back anytime soon, luxury brokers say.

The most expensive real-estate in America just became a little less expensive — with $1 billion in price cuts among America's top listings over the past few months. https://t.co/H4Ebv2oBXn

— CNBC (@CNBC) August 31, 2018